The International Energy Agency (IEA) stated on Wednesday that a U.S.-led surge in global oil production is expected to exceed demand growth from now until the end of the decade. This development could push spare capacity to unprecedented levels and potentially disrupt OPEC+ market management. The IEA’s latest medium-term market report, titled “Oil 2024,” indicates that oil demand growth is on track to slow down before ultimately peaking near 106 million barrels per day by 2030, up from just over 102 million barrels per day in 2023. In contrast, total oil production capacity is projected to su…